Rx90: EnvisionRx and Walgreens launch new 90-day pharmacy program to improve medication adherence and patient Outcomes

TWINSBURG, Ohio & DEERFIELD, Ill., 2016-Sep-18 — /EPR Retail News/ — EnvisionRx, the pharmacy benefit management (PBM) division of EnvisionRxOptions, and Walgreens, one of the nation’s largest drugstore chains, today announced a new 90-day pharmacy program focused on changing behaviors and improving health outcomes for the growing numbers of patients with chronic conditions.

Rx90, now available for EnvisionRx clients, gives patients the option to fill 90-day prescriptions at any of the nearly 8,200 Walgreens pharmacies nationwide, for the same price as home delivery through EnvisionPharmacies’ mail service. In addition to Walgreens, Rx90 offers access to 4,000 other retail pharmacies, making it the largest 90-day retail maintenance medication network in the country.

To help change behaviors and improve medication adherence, patients will also receive:

  • Integrated care and clinical support from EnvisionRx and Walgreens pharmacists
  • Targeted, disease-specific communications

Using client-specific data and its own research, EnvisionRx is also able to provide health plans and employers with recommendations on customizing their benefit design, communications and clinical strategies to meet their individual needs. Rx90 will help plan sponsors better control drug spend and reduce costly medical expenses associated with increased visits to physicians and emergency rooms, as well as extended hospitalizations.

“We’re pleased to work with EnvisionRx to create a pharmacy solution that can benefit patients, health plans and employers, and reflects our commitment to provide greater care and service to our customers and patients,” said Alex Gourlay, co-chief operating officer, Walgreens Boots Alliance. “Stronger collaboration with PBMs and health plans is critical in today’s healthcare environment, to help ensure our patients can continue to get the medications they need at prices they can afford, and with the pharmacy support they depend upon.”

By providing consumers with improved pricing, more convenient options on how to fill their 90-day maintenance medications, and the support they need, EnvisionRx and Walgreens are working together, as well as with plan sponsors, to address rising healthcare costs.

“In today’s market, plan sponsors need a partner that can truly provide transparency around performance and provide more options for their business and their members,” said Frank Sheehy, chief executive officer of EnvisionRxOptions. “Through Rx90, plan sponsors are able to design the prescription drug benefit plan that’s right for them. Coupled with our proprietary technology platform, we can provide better visibility on results and make adjustments faster than other PBM’s, which helps Envision deliver real value.”

About EnvisionRx

EnvisionRx is a division of EnvisionRxOptions, a health care company with a visibly different approach to managing pharmacy benefits. As a full service provider, Envision leverages its core PBM services including Mail, Specialty and Compounding Pharmacies; Part D Medicare insurance plans; and cash savings programs, to help employers and health plans of all sizes provide more affordable and effective prescription drug coverage for their members. Headquartered in Twinsburg, Ohio, EnvisionRxOptions is a wholly owned subsidiary of Rite Aid. For more information, visit envisionrx.com.

About Walgreens

Walgreens (www.walgreens.com), one of the nation’s largest drugstore chains, is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (NASDAQ: WBA), the first global pharmacy-led, health and wellbeing enterprise. More than 8 million customers interact with Walgreens each day in communities across America, using the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. Walgreens operates 8,173 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens omni-channel business includes Walgreens.com and VisionDirect.com. More than 400 Walgreens stores offer Healthcare Clinic or other provider retail clinic services.

Media Inquiries:
EnvisionRxOptions
Bobby Creek
bcreek@envisionrx.com
813.690.8503

Walgreens
Jim Cohn
jim.cohn@walgreens.com
847 315 2950

Source: Walgreens

Rite Aid Corporation announces the promotion of Ken Martindale to the newly created position CEO of Rite Aid stores

  • Martindale Will Continue to Report to Rite Aid Chairman and CEO John Standley
  • Other Executive Management Appointments Announced to Help Drive Growth <and Operational Efficiencies

CAMP HILL, Pa., 2015-8-4— /EPR Retail News/ — Rite Aid Corporation (NYSE:RAD) has announced that Ken Martindale, who is currently president and chief operating officer, has been promoted to the newly created position of CEO of Rite Aid stores, effective immediately. Martindale, 55, will continue to report to John Standley, Rite Aid’s chairman and CEO, and will retain his role as president of Rite Aid Corporation.

“Ken is a proven leader who, since joining our company in 2008, has played an instrumental role in driving Rite Aid’s improved business performance,” Standley said. “We look forward to further leveraging Ken’s strong leadership skills and broad understanding of Rite Aid’s business to help us continue our momentum and successfully grow our business.”

“In addition to my ongoing responsibilities and duties as chairman and CEO of Rite Aid, Ken’s promotion will allow me to also focus on working closely with our new healthcare-focused management teams at EnvisionRx, RediClinic and Health Dialog to further accelerate our growth by implementing initiatives that deliver value to our customers and help us provide greater access to convenient, affordable and high-quality healthcare,” Standley added.

Frank Sheehy, the CEO of EnvisionRx and Web Golinkin, the CEO of RediClinic and Health Dialog, will report to Standley.

In order to help Rite Aid further drive growth and efficiencies, the company has also announced the following executive management appointments, reporting to Martindale:

Jocelyn Konrad, currently group vice president of pharmacy services, has been promoted to executive vice president of pharmacy, succeeding Robert Thompson, who has announced his retirement effective Sept. 18, after a 38-year career in pharmacy, including 11 years with Rite Aid serving in a variety of senior management positions.

David Abelman, currently senior vice president of brand development and innovation, will assume the newly created role of executive vice president of marketing. John Learish, senior vice president of marketing, will continue to manage Rite Aid’s retail drug store marketing team and will report to Abelman.

Tony Montini, currently executive vice president of merchandising, will become executive vice president of merchandising and distribution. Wilson Lester, senior vice president of supply chain, will continue to manage Rite Aid’s distribution network and will report to Montini.

Rite Aid Corporation is one of the nation’s leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2015 annual revenues of $26.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.

Rite Aid Corporation is one of the nation’s leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2015 annual revenues of $26.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.

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Contact:

Investors: Matt Schroeder 717-214-8867 or investor@riteaid.com

Media: Susan Henderson 717-730-7766

Rite Aid completes acquisition of Envision Pharmaceutical Services

CAMP HILL, Pa., 2015-6-25 — /EPR Retail News/ — Rite Aid (NYSE: RAD) has completed its previously announced acquisition of Envision Pharmaceutical Services (“EnvisionRx”) from leading global private investment firm TPG and other shareholders in a transaction valued at approximately $2 billion, including approximately $1.8 billion in cash and approximately 27.9 million Rite Aid shares.

“The completion of this acquisition is an important step in our strategy to expand Rite Aid’s retail healthcare platform and enhance our health and wellness offerings,” said Rite Aid Chairman and CEO John Standley.  “EnvisionRx’s talented management team and valued associates are a tremendous addition to our Rite Aid family. The combination of EnvisionRx’s broad suite of PBM and pharmacy-related businesses with Rite Aid’s retail platform will provide our customers and patients with an integrated offering across retail, specialty and mail-order channels.”

EnvisionRx CEO Frank Sheehy added, “As part of Rite Aid, we are well positioned to deliver a truly integrated healthcare offering which will provide tremendous benefits to both plan sponsors and patients. Our work is already well underway and we look forward to accelerating our efforts now that the transaction is complete.”

Sharad Mansukani, a senior advisor to TPG and the former chairman of EnvisionRx, said, “TPG is proud to have partnered with EnvisionRx’s founders and excellent management team in building a business that is truly set apart from other PBMs. We are confident EnvisionRx will enjoy many years of success as part of Rite Aid.”

EnvisionRx will operate as a wholly owned subsidiary of Rite Aid led by Frank Sheehy and current management. EnvisionRx’s headquarters will remain in Twinsburg, Ohio.
The transaction, which was announced in February 2015, is expected to be accretive to Rite Aid’s earnings per share in Rite Aid’s fiscal year 2017.

Citigroup Global Markets Inc. served as financial advisor to Rite Aid and Skadden, Arps, Slate, Meagher & Flom LLP was the company’s legal advisor. J.P. Morgan served as exclusive financial advisor to EnvisionRx, and Cleary Gottlieb Steen & Hamilton LLP acted as its M&A legal counsel and Baker & Hostetler LLP acted as its regulatory legal counsel.

About Rite Aid
Rite Aid Corporation is one of the nation’s leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2015 annual revenues of $26.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.

About EnvisionRx
Established in 2001, EnvisionRx is a national, full-service pharmacy benefit management (PBM) company with consolidated revenues in excess of $4 billion. The company provides both transparent and traditional PBM options through its EnvisionRx and MedTrak PBMs, respectively, as well as pharmacy-related services to clients across the nation. EnvisionRx also offers fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services; access to the nation’s largest cash pay infertility discount drug program via Design Rx; an innovative claims adjudication software platform in Laker Software; and a national Medicare Part D prescription drug plan through Envision Insurance Company’s EnvisionRx Plus product offering. Information about EnvisionRx, which is a wholly owned subsidiary of Rite Aid Corporation, is available through the company’s website at envisionrx.com.

About TPG
TPG is a leading global private investment firm founded in 1992 with over $74 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, Sao Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm has a well-known history of healthcare investing and its well-known investments include Adare Pharmaceuticals, Aptalis, EnvisionRx, Fenwal, Healthscope, IASIS Healthcare, Immucor, IMS Health, Par Pharmaceutical, Quintiles Transnational and Surgical Care Affiliates, among others. For more information visit www.tpg.com.

FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties that are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

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Contact Information
Rite Aid Media Contact:
Susan Henderson
717-730-7766
skhenderson@riteaid.com

Rite Aid Investor Contact:
Matt Schroeder 717-214-8867
investor@riteaid.com

TPG Media Contact:
Luke Barrett
212-601-4752
lbarrett@tpg.com

 

 

Contact:

Investors: Matt Schroeder 717-214-8867 or investor@riteaid.com

Media: Susan Henderson 717-730-7766

Rite Aid to acquire EnvisionRx for $2 billion

Provides a Full Suite of Pharmacy Benefit Management Capabilities to Enhance Rite Aid’s Healthcare Offering and Drive Growth Across its Retail Healthcare Platform

CAMP HILL, Pa. and TWINSBURG, Ohio, 2015-2-13 — /EPR Retail News/ — Rite Aid (NYSE: RAD) and Envision Pharmaceutical Services (“EnvisionRx”) today announced that they have entered into a definitive agreement under which Rite Aid will acquire EnvisionRx, a portfolio company of leading global private investment firm TPG, in a transaction valued at approximately $2 billion, which includes the value of an expected future tax benefit of $275 million. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Rite Aid will pay approximately $1.8 billion in cash and $200 million in Rite Aid stock, or approximately 27.9 million shares.

EnvisionRx is a national, full-service pharmacy benefit management (PBM) company with projected 2015 calendar year revenues of approximately $5 billion and projected 2015 calendar year EBITDA in a range of $150 to $160 million. The company provides both transparent and traditional PBM options through its EnvisionRx and MedTrak PBMs, respectively, as well as pharmacy-related services to clients across the nation. EnvisionRx also offers fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services; access to the nation’s largest cash pay infertility discount drug program via Design Rx; an innovative claims adjudication software platform in Laker Software; and a national Medicare Part D prescription drug plan through Envision Insurance Company’s EnvisionRx Plus product offering.

“The acquisition of EnvisionRx meaningfully expands our health and wellness offerings, enhancing our ability to provide a higher level of care to the patients and communities we serve,” said Rite Aid Chairman and CEO John Standley. “With the addition of EnvisionRx, we will create a compelling pharmacy offering across retail, specialty and mail-order channels, enabling us to deliver cost-effective solutions to employers and health plans while driving growth and creating long-term value for our shareholders. We also look forward to welcoming EnvisionRx’s proven management team and talented associates to Rite Aid.”

“Combining our comprehensive suite of pharmacy benefit management services with Rite Aid’s established retail healthcare platform is a natural fit that is increasingly preferred by plan sponsors,” said EnvisionRx CEO Frank Sheehy. “Together, we see tremendous opportunities to provide new and existing customers with an integrated healthcare offering that will build upon the company’s strong existing platform.”

“EnvisionRx’s innovative business model has always set it apart from other PBMs, and as part of a recognized pharmacy leader, will now be well positioned for further success,” said Sharad Mansukani, chairman of EnvisionRx and senior advisor for TPG. “TPG believes EnvisionRx has built a best-in-class company with tremendous potential, and as a ground-breaking PBM, it has a great future as part of Rite Aid.”

The transaction is expected to be accretive to Rite Aid’s earnings per share in the first full year following the closing of the transaction. The transaction is expected to close by September, 2015, subject to regulatory approvals and other customary closing conditions.

Following the closing, EnvisionRx will operate as a wholly owned subsidiary of Rite Aid led by Frank Sheehy and current management. EnvisionRx’s headquarters will remain in Twinsburg, Ohio.

In connection with the pending transaction, Rite Aid has obtained committed financing from Citigroup Global Markets Inc., and BofA Merrill Lynch, Wells Fargo Securities, LLC and Credit Suisse AG. Subject to market conditions, Rite Aid expects to finance the $1.8 billion cash portion of the consideration through proceeds from the issuance of unsecured notes prior to the closing of the acquisition.

Citigroup Global Markets Inc. served as financial advisor to Rite Aid and Skadden, Arps, Slate, Meagher & Flom LLP was the company’s legal advisor. J.P. Morgan served as exclusive financial advisor to EnvisionRx, and Cleary Gottlieb Steen & Hamilton LLP acted as its legal counsel.

Conference Call Broadcast

Rite Aid will hold an analyst call at 8:30 a.m. Eastern Time today. The call will be simulcast via the internet and can be accessed through the websiteshttps://www.riteaid.com in the conference call section of investor information andwww.StreetEvents.com. Slides related to materials discussed on the call will be available on both sites. A playback of the call will be available on both sites starting at 12 p.m. Eastern Time today. A playback of the call will also be available by telephone beginning at 12 p.m. Eastern Time today until 11:59 p.m. Eastern Time on Feb. 14, 2015. The playback number is 1-855-859-2056 from within the U.S. and Canada or 1-404-537-3406 from outside the U.S. and Canada with the eight-digit reservation number 84894888.

About Rite Aid
Rite Aid is one of the nation’s leading drugstore chains with 4,569 stores in 31 states and the District of Columbia. Information about Rite Aid, including corporate background and press releases, is available through Rite Aid’s website atwww.riteaid.com.

About EnvisionRx
Established in 2001, EnvisionRx is a national, full-service pharmacy benefit management (PBM) company. EnvisionRx is part of a group of healthcare management companies owned and operated by Envision Pharmaceutical Holdings, LLC (EPH). EPH is a portfolio company of TPG.  In addition to EnvisionRx, EPH subsidiaries also include Envision Insurance Company, a fully insured provider of Medicare Part D Plans nationally, Envision Medical Solutions, LLC, an administrator of prescription savings plans and prescription savings cards, Orchard Pharmaceutical Services, LLC, a full-service mail-order and specialty drug pharmacy, Design Rx, LLC, the market leader in cash-pay pharmacy services for infertility and fertility products, MedTrak, a traditional spread-based PBM managing pharmacy benefits for small to mid-d self-insured employers and Laker Software, LLC, an innovative, market-leading provider of claims processing systems and support services for prescription drug benefit programs. EnvisionRx, which was founded on a commitment to provide full disclosure in the PBM marketplace, promotes a transparent, pass-through business model in which 100% of earned rebates, discounts, and incentives are instantly credited at the point of sale to customers, and for which EnvisionRx charges a low, flat monthly management fee for most services. This translates into significant savings for the company’s covered individuals. The Company has been awarded the Utilization Review Accreditation Commission (URAC) accreditations for PBM and Drug Therapy Management annually since 2007. EnvisionRx is headquartered in Twinsburg, OH, with offices in Fort Lauderdale, FL; Tampa, FL; Canton, OH; Ogden, UT; Minneapolis, MN and El Dorado Hills, CA. For more information about EnvisionRx visitwww.envisionrx.com.  EnvisionRx is a registered trademark of Envision Pharmaceutical Services, LLC.

About TPG
TPG is a leading global private investment firm founded in 1992 with $65 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. For more information visit www.tpg.com.

FORWARD-LOOKING STATEMENTS
Statements, including those regarding the impact of the transaction contemplated hereby on Rite Aid’s future financial performance, in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, Rite Aid’s ability to consummate the acquisition of EnvisionRx and realize the benefits of the transaction, EnvisionRx’s ability to meet its projected 2015 revenue and EBITDA targets, our ability to make interest and principal payments on our debt and satisfy the other covenants contained in our debt agreements, general economic, market, industry and competitive conditions, the risk that EnvisionRx’s business will not be successfully integrated with Rite Aid’s business, costs associated with the merger, delays and other matters arising in connection with the parties’ efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to the transaction, risks associated with the financing of the transaction, other events that could adversely impact the completion of the transaction and other risks, assumptions and uncertainties as described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Rite Aid expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

Included in this release is a non-GAAP financial measure for EnvisionRx, EBITDA, which is defined as net income excluding the impact of income taxes, interest expense, depreciation and amortization.

This release does not constitute an offer of any securities for sale.

Rite Aid Media Contacts:

Susan Henderson
717-730-7766
skhenderson@riteaid.com

Rite Aid Investor Contacts:

EnvisionRx / TPG  Media Contacts:

Owen Blicksilver Public Relations, Inc.
lisa@blicksilverpr.com
jennifer@blicksilverpr.com

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Contact:

Investors: Matt Schroeder 717-214-8867 or investor@riteaid.com

Media: Susan Henderson 717-730-7766